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Opalesque Exclusive: South African hedge fund industry `mature` Matthias Knab reports from Johannesburg: Legae Capital is a joint venture between Legae Securities and Blue Ink Investments. The company focuses on the institutional hedge FoF market in South Africa and has 1.3 bln Rand (US-$180m) invested in South African single manager hedge funds. With 14.13% and 11.63% YTD, its Supernova and Meteor funds are among the top of the twelve South African hedge FoFs.

Legae Capital’s managing director Fatima Vawda says she “hates” off the shelf products. She thinks that servicing the institutional investor, asset managers must provide “products that make sense”, and therefore with Legae she focuses on tailor-made solutions for its institutional customer base. From a regulatory point, South African pension funds are allowed to put a total of 2.5% of their assets in hedge funds and private equity.

Mature infrastructure, savvy investors “Overall, the South African hedge fund industry has greatly matured since I started creating a hedge FoF over two years ago. The players, service providers and also the investors are operating from a solid and sophisticated base. We have the global players set up as prime brokers, first-class administrators and local firms offering state-of-the art risk management. There are no gaps in our high-quality environment. But most importantly, the institutional investors have matured. As a hedge fund of fund, we do not have to s......................

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